Apollo Tyres' stock up by more than 4% today

15 Nov 2022 , 12:50 PM

Apollo Tyres shares hit a multi-year high of Rs 303.40 on the BSE in Tuesday’s intra-day trade, gaining 6% in an otherwise subdued market, after the company reported a double-digit increase in revenue and earnings before interest, taxes, depreciation, and amortization (Ebitda) in the September quarter (Q2FY23) despite a challenging environment.

At 12:11 p.m., the stock was trading 4% higher at Rs 297.65, compared to a 0.21 % fall in the S&P BSE Sensex. Trading volume on the stock has nearly tripled today. The stock was trading close to its all-time high of Rs 307, set on April 17, 2018.

Due to greater sales, the company’s consolidated net profit increased 11% year on year (YoY) to Rs 194 crore in Q2FY23. In the previous quarter, the tyre giant declared a net profit of Rs 174 crore. Despite the challenging market, it reported a 17% YoY revenue growth of Rs 5,956 crore, primarily due to price increases.

Consolidated Ebitda margin was 12%, down 61 basis points year on year but up 35 basis points quarter on quarter. Despite the expense pressure, it reported a sequential improvement in standalone and European operating margin performance.

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